ACC304 INTERMEDIATE ACCOUNTING II WEEK 9 \u2013 CH - ACC304 INTERMEDIATE ACCOUNTING II WEEK 9 CH 15 HW Brief Exercise 15-4 Ravonette Corporation issued 300

ACC304 INTERMEDIATE ACCOUNTING II WEEK 9 u2013 CH - ACC304...

This preview shows page 1 - 3 out of 8 pages.

ACC304 INTERMEDIATE ACCOUNTING II WEEK 9 – CH. 15 HW Brief Exercise 15-4Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $13,500. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share.Prepare the journal entry to record the issuance. (Round answers to 0 decimal places, e.g., 1520.Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for theamounts.) Brief Exercise 15-8Arantxa Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2014,Arantxa reacquired 200 shares at $80 per share. On November 1, Arantxa reissued the 200 shares at $70 per share. Arantxa had no previous treasury stock transactions.Prepare Arantxa’s journal entries to record these transactions using the cost method. (Credit accounttitles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Brief Exercise 15-11
Image of page 1
Cole Inc. owns shares of Marlin Corporation stock classified as an available-for-sale investment. At December 31, 2014, the available-for-sale securities were carried in Cole’s accounting records at their cost of $875,000, which equals their fair value. On September 21, 2015, when the fair value of the securities was $1,200,000, Cole declared a property dividend whereby the Marlin securities are to be distributed on October 23, 2015 to stockholders of record on October 8, 2015.Prepare all journal entries necessary on those three dates. (Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Image of page 2
Image of page 3

You've reached the end of your free preview.

Want to read all 8 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture